Daily Pivots: (S1) 1.3298; (P) 1.3346; (R1) 1.3401; More…
GBP/USD is still staying below 1.3539 short term top. Intraday bias remains neutral first. On the downside, break of 1.3223 will target 55 day EMA (now at 1.3170) first. Sustained break there will confirm another rejection by 1.3514 key resistance. Deeper fall should be seen back to 1.2675 support next. However, firm break of 1.3539 will resume larger rally from 1.1409.
In the bigger picture, focus stays on 1.3514 key resistance. Decisive break there should also come with sustained trading above 55 month EMA (now at 1.3308). That should confirm medium term bottoming at 1.1409. Outlook will be turned bullish for 1.4376 resistance and above. Nevertheless, rejection by 1.3514 will maintain medium term bearishness for another lower below 1.1409 at a later stage.
